how desperate the borrowers are shows us the jump back to 1994. at this time the refinancing was exactly the way it should be. refinance into a lower rate and drive down your payment. this times are long gone. amazing!dank geht an paul in jax!1994 Freddie Mac Loan Survey http://tinyurl.com/y9hyd7Homeowners who refinanced 30-year fixed-rate mortgages last year cut their loan rates by an average 2.2 percentage points, ......Freddie Mac also said 69 percent of borrowers who refinanced last year ended up with lower mortgage payments. A record 83 percent of borrowers who refinanced into 30-year mortgages and a record 94 percent of those who refinanced into adjustable-rate mortgages had lower payments.

Freddie Mac also said 50 percent of borrowerswho refinanced into 15-year fixed-rate mortgages, which require higher payments toward principal, also wound up with lower monthly payments.

Nationwide, 34 percent of borrowers who refinanced last year took some cash out, compared with 50 percent in 1986.

U.S. homeowners took cash out of their homes in the third quarter at the highest rate in 16 years, spurred by high costs on other types of loansIn the quarter, 89 percent of Freddie Mac-owned loans that refinanced got mortgages that were at least 5 percent larger than the original balances. That compared with 88 percent in the prior quarter and was the highest level since the second quarter of 1990, when it was at 91 percent. The total amount refinanced, however, fell in the third quarter.......Half of the borrowers who paid off their original loan and took out a larger new one increased their mortgage rate by about 3/8 percentage point, Freddie Mac said.The median ratio of new-to-old interest rates was the highest since Freddie began compiling the information in 1985.